Met Life Case Study
MET LIFE CASE STUDY Ans 1) The challenges of bringing the data together are- * they will have to extract the policy ownership information from each system and then to merge this data into a common master database and the policy based information systems are different from each other.
* There is no established standard among systems for data collection. * The employees who worked and understood the data structures in the old systems are now dead, retired or no longer work in Met Life. * The data of the policy holders change over time they relocate get married or change professions.Ans 2) the differences in the management of data from one insurance product system to another are- -METs product line included casualty (Auto and Home) insurance as well as various life insurance products ( Term life, Whole life and annuities). Whereas NEF’s product line included life insurance and wealth offerings.
– The average net worth of Met life’s customers is about 2,00,000 dollars and of NEF’s is about 10 times of that. – The average life policy sold by MET was a term policy of a face value of 50,000 dollars whereas NEF’s was about 5,00,000 to one million dollars.Ans 3) the issues that might be faced while matching the ownership of different policies owned by the same person are * The data of the individual policy holders themselves change naturally over time as clients relocate, get married or change their careers. * Even the unique client identification number did not exist prior to MET’s move to a stock company. This makes it even more difficult for matching the ownership of different policies owned by the same person.
Ans 4)Master policy holder| Individual policy databases | It will be easier for them to find out the policy information of the customers, as the records of all customers will be kept in one database. | Each customer’s policy information will be kept in a different database then the other. | It will be more efficient| The individual policy database will take time to find out the customer and his policy and this will make the business inefficient. | Less trouble of keeping too many databases. | More databases have to be kept. |Ans 5) Yes MET Life will face some difficulty in achieving standardization of data and data management.
* It will be time consuming for them to transfer the individual policies into a master contract. * They will need training about how to operate the new software. This will increase the costs of the business. * In the initial stages they will have difficulty in using the database. * It will be difficult to set a particular standard for the data and data management.
The standards must at least meet with the standards of other companies in the market.